STELLAR KELVIN COLD CHAIN LOGISTICS AND DISTRIBUTION RPIVATE LIMITED ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX -5(2)(1), MUMBAI

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ITA 4495/MUM/2024Status: DisposedITAT Mumbai19 February 2025AY 2018-19Bench: SHRI SAKTIJIT DEY, HON'BLE (Vice President), SHRI NARENDRA KUMAR BILLAIYA, HON'BLE (Accountant Member)3 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal, after perusing ledger accounts, found that the impugned loans were indeed taken in FY 2016-17 (AY 2017-18). Consequently, it held that the provisions of Section 68 of the Act were not applicable for AY 2018-19, and the addition was directed to be deleted.

What were the facts?

The assessee appealed against the confirmation of an addition of Rs. 6,01,10,000/- u/s Section 68 of the Income Tax Act, 1961, as unexplained cash credit for Assessment Year 2018-19. The assessee argued that the loans were received in Financial Year 2016-17 (AY 2017-18), not in the year under consideration.

What were the issues?

The key issue was whether an addition u/s Section 68 of the Income Tax Act could be made for cash credits received in a previous financial year, not the assessment year under appeal.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SHRI SAKTIJIT DEY, HON’BLE & SHRI NARENDRA KUMAR BILLAIYA, HON’BLE

For Appellant: Shri Bhavesh Mehta, A/R
Hearing: 12/02/2025Pronounced: 19/02/2025

O R D E R

PER NARENDRA KUMAR BILLAIYA, AM:

1.

This appeal by the assessee is preferred against the order dated 04/07/2024 by NFAC, Delhi pertaining to AY 2018-19.

2.

The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in confirming the addition of Rs. 6,01,10,000/- made u/s 68 of the Act as unexplained cash credit. 3. Representatives were heard at length. Case records carefully perused and the relevant documentary evidence brought on record, duly considered in the light of Rule 18(6) of the ITAT Rules, 1963. 2 4. During the course of scrutiny assessment proceedings, on perusal of 3CD report, the AO noticed that the assessee has taken loans from the following entities:-

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